Value Drive Technologies, the owners of Spinny.com, an online platform in India for buying and selling used cars, has announced the acquisition of Haymarket SAC, the joint venture between Haymarket and the Sorabjee family – led by Hormazd and Naheed, and home to its automotive brands in India.
Under the deal, Hormazd will continue to oversee the flagship automotive titles Autocar India, Autocar Professional, and What Car? India, providing continuity and alignment with the brands’ established legacy. The cash and equity deal sees Haymarket remain invested in Value Drive Technologies.
Haymarket will retain its Haymarket Media India portfolio, which includes B2B brands: Campaign India, PrintWeek India, WhatPackaging? alongside its licensed consumer titles, Stuff India and What HiFi?.
Under the leadership of its recently appointed Country Head, Ashish Bhushan, Haymarket Media India is perfectly positioned to drive growth.
Niraj Singh, Founder and CEO at Spinny, said, “Having long been a client and admirer of Haymarket India’s automotive brands, I am thrilled to bring them into the Spinny family, further cementing our position in the burgeoning Indian automotive market. This acquisition aligns perfectly with our ambitious growth plans and will allow us to further connect with automotive enthusiasts and buyers in the region”.
Kevin Costello, Global Chief Executive at Haymarket Media Group, said, “Having worked closely with both Hormazd and Naheed over Haymarket’s 25 years in India, I am thrilled they are both staying on as non-executive directors, to ensure the legacy we have built, evolves and flourishes. My regular visits to India have given me a deep understanding of the market’s dynamic potential, and I am truly excited by the opportunities ahead as we continue to invest in and grow our non-automotive portfolio. This strategic realignment signals an exciting new chapter for our operations in India. With Ashish Bhushan at the helm, we look forward to exciting business expansion plans in India, building on our existing portfolio and strong market position, while delivering new specialist content, products, and services for our audiences and customers.”
“We couldn’t have found a better home for our automotive brands, than in Spinny. Under their stewardship and Hormazd’s continued leadership, these brands are poised for ongoing success. We have built a fantastic relationship with Niraj, the founder owner and we see a future strengthening of that over time. India is a market brimming with possibilities, and we are incredibly excited about this next phase of development, innovation, and growth,” he added.
Hormazd Sorabjee, Managing Director at Haymarket SAC, said, “I am immensely proud of the successful business we have built together with Haymarket during our 25-year partnership. In fact, our joint venture has been the longest-standing in the Indian media industry by far, and is a testament to the brilliant teams that have worked closely together to build market-leading and highly respected media brands. This is an inflection point for me, as I look forward to my next chapter and the huge opportunities under Value Drive’s ownership to further grow our automotive brands. No doubt I will miss working with the Haymarket team but I am confident that under Ashish Bhushan’s leadership, the focus on the remaining Haymarket Media India brands will take the business to the next level of growth.”
Both Hormazd and Naheed will remain as Non-Executive Directors on Haymarket Media India’s Board, underscoring their ongoing commitment to the Haymarket partnership, and the depth and strength of the relationship they have built over the last 25 years working with Haymarket.
